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Sahara Pune Warriors withdraws from IPL

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"Yes, the BCCI has initiated procedure to encash the bank guarantee that has been deposited in order to procure Pune Warriors' franchise fee for the current year," a senior BCCI official told PTI on Tuesday.

The troubles regarding Indian Premier League doesn't seem to end as Sahara Pune Warriors failed to pay the full franchise fee for the current year which resulted in BCCI encashing the bank guarantee casting a shadow on its future in the cash-rich league in coming years.
(PTI/PTI)

"Yes, the BCCI has initiated procedure to encash the bank guarantee that has been deposited in order to procure Pune Warriors' franchise fee for the current year," a senior BCCI official told PTI on Tuesday.
(PTI/PTI)

Sahara bought Pune franchise for a record Rs 1702 crore for 10 years. But they currently have dispute regarding the reduction of the franchise fee as initially there were 94 matches which was later reduced to 74 matches. The issue hasn't been resolved yet.
(PTI/PTI)

"In January this year, Sahara paid around 20 percent of the year franchisee fee which is approximately Rs 170 crore. The BCCI was told that they will pay the remaining amount by May 19 but they failed. The IPL governing council then decided to encash the bank guarantee."
(PTI/PTI)

This is not the first time that BCCI has encashed bank guarantees after franchises failed to cough up the fees. Kochi Tuskers Kerala and Deccan Chargers were disbanded from IPL after they failed to pay the required fees.
(PTI/PTI)